Actuary
Anyone who carries out economic, financial and statistical studies with the aim of developing or modifying insurance contracts is considered to be an actuary. It assesses the risks and costs for policyholders and insurers and it sets the rates of contributions while ensuring the profitability of the company. He follows the operating results and monitors the financial reserves of the company.
I. Legislative and regulatory references:
Ordinance n ° 95/07 of 25/01/1995 relating to insurance, amended and supplemented by law 06-04 of 20 February 2006 title 111, chapter II, articles 270 bis, 271 and 272;
Executive Decree No. 07-220 of 29 Joumada Ethania 1428 corresponding to July 14, 2007 setting the conditions for approval, exercise and radiation of experts, accident auditors and actuaries with insurance companies.
II. Forms of actuarial practice:
The profession of actuarial services for insurance companies and branches of foreign insurance companies can be exercised by a natural or legal person.
These people are first subject to approval, the conditions of which are different depending on whether it is one or the other form of exercise of this profession.
III. Conditions for the approval of actuaries (the obligations):
a) For natural persons:
Have good character;
Diligently carry out their missions, in accordance with the customs and rules of the profession;
In particular those relating to the deadlines for transmitting expert reports to interested parties;
Comply with professional secrecy and respect for the rules of the profession;
Be of Algerian nationality;
Be resident in Algeria;
Hold a university degree (s) related to the requested specialty;
Justify a professional experience of five (5) years.
b) For legal persons:
Be under Algerian law;
Stakeholders must;
Be of good character;
Diligently carry out their missions in accordance with the customs and rules of the profession;
Comply with professional secrecy and respect for the rules of the profession;
Speakers must hold university degree (s) related to the requested specialty.
IV. Constitution and filing of the approval file for the actuarial practice:
a) General:
Approval for the practice of actuarial practice is issued by the Association of Insurance Companies (UAR);
The accreditation decision specifies the specialty. It is notified to the interested parties by the president of the association of insurance companies;
The chartered actuary will be entered on the list opened for this purpose by the Association of Insurance Companies (UAR) which will be communicated to insurance companies and posted in any place (UAR) deems necessary.
b) the constitution of the approval file:
The approval is subject to the constitution of a file comprising:
1) For natural persons:
A handwritten request specifying the specialty requested;
The university degree (s) related to the requested specialty;
Justify a professional experience of five (5) years. (Work certificates);
A document justifying the provision of premises allowing the exercise of the activity (notarial deed or rental lease).
An administrative (civil status) file, comprising:
a birth certificate;
a certificate of nationality;
an extract from the criminal record n ° 03.
Photocopies of documents must be duly legalized.
2) For legal persons (which must be governed by Algerian law):
A handwritten request from the chief executive officer of the company specifying the specialty (s) requested;
A copy of the company's articles of association;
A receipt for registration in the trade register;
The university diploma (s) of the speakers related to the requested specialty.
Photocopies of documents must be duly legalized.
c) Submission of the approval file:
The approval file must be filed at the headquarters of the association of insurance companies (UAR).
V. The actuary's missions:
The actuary's missions are:
Analyze the economic, financial and statistical parameters in order to determine the insurance conditions;
To assess the risks and costs for policyholders and / or insurers;
To examine the conditions of profitability and solvency of an insurance company;
To follow the operating results and to monitor the financial reserves of the company;
To propose or give an opinion on risk pricing methods.
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